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300-Unit Affordable Housing Project Slated for Schertz
The NRP Group and the Schertz Housing Authority are working to build the Aviator 1518 Apartments, a 300-unit affordable housing complex at Farm-to-Market Road 1518. The $79.2 million project is not far from Randolph Air Force Base.
Every unit will be offered below the area median income. Sixty units will be offered at 70% AMI, 200 units at 60%, 15 units at 50% and 25 units at 30%.
Half of the project is being financed with about $34 million in debt from R4 Capital that carries a 5.7% interest rate. The Texas Department of Housing and Community Affairs is also helping to pay for it.
The San Antonio Business Journal reports the project will also receive about $35 million in 4% tax credits from the state, paid out yearly in $3,651,980 installments.
Construction is expected to be complete in 20 months.
- ◦Development
- ◦Policy/Gov't
